Four Loyalty Programs For Small Business
A small business loyalty program is a valuable tool to build a solid customer base. Recruiting and retaining a core group of clients is generally easier and more cost-effective than casting a wider marketing net. Small business customer loyalty programs come in a variety of options, like the following:
1. Point accumulation system for discounts or gifts. A business can allocate a certain number of points for each product or service purchase and then designate discounts or gift based on a range of points. For example, customers earn one a point for every dollar spent, and a ten percent discount is earned with the accumulation of a hundred points. The points may be calculated electronically through a register software program or manually through a hand-stamped card.
2. Special bonus days or sales events for regular customers. One of the most popular small business loyalty programs is when customers sign up to receive notifications of upcoming sales events or bonus opportunities. By providing their mailing address or email address, they can receive updates on scheduled events that the public at large will not receive. Or they may have the opportunity to shop at special times apart from the general public. In return, a company is able to compile an email list of customer names and addresses for marketing purposes.
3. Digital and print discount coupons. Coupons can be mailed or emailed to loyal customers who sign up for this advantage. The coupons may offer a percentage of savings toward the next purchase or a buy-one-get-one free opportunity. Only registered customers will receive the coupons, thus encouraging frequent shoppers to continue buying from a business.
4. Free gifts or publicity. Some small businesses offer gifts of food or gift cards during the holiday season or during special sales events to faithful customers. Gifts may range from packets of cookies, popcorn, or candy to a ten-dollar car wash. Other businesses post a list of the Customer of the Month or frequent shoppers, with these customers’ permission, to extend gratitude and appreciation that is witnessed by other shoppers. Small business loyalty programs do not have to be large or expensive; any small token of acknowledgement or minimal gift will help.
Whatever the company size, there are plenty of small business customer loyalty programs to choose from. In a challenging economy, small business loyalty may determine profit or loss.
Learn some basic keys to a successful loyalty program with this FREE eBook “How To Build A Successful Loyalty Programs”.